Russia exported a record of oil products

Russia exported a record amount of oil products in March as Moscow successfully developed alternative routes for its supply a month after Western sanctions came into force.

Marine crude shipments in March 2023 totaled 3.12 million bpd, according to Kpler, up 31.2% year-on-year and slightly higher than the previous peak of 3.12 million bpd exported in late winter 2022.

G7 economies, the European Union, and Australia stopped buying Russian oil products in February 2023, with the European Union setting different prices for diesel, fuel oil, and other products.

The European Union lifted sanctions and price caps on oil products produced by Russia that come outside the country and combined with oil products from other suppliers.

As a result, EU members Greece and Malta accounted for 87% of Russian oil exports last month.

One-fifth of the exported Russian diesel went to an unknown customer.

Russia’s fuel exports also hit an all-time high of 208,000 barrels per day, with the United Arab Emirates, Singapore, and India as the main customers.

The European Mediterranean, North African, and Middle Eastern markets have been logistically more difficult for Russian oil exports and involve much smaller supply routes.

From there, Russian oil products can be re-exported to the Asia-Pacific region.

Ukraine offers gas storage to Europe

In Brussels, Ukrainian and EU officials assessed the winter heating period of 2022-23 – the first without Russian gas supplies – and began preparations for the coming winter.

Kyiv has said that it can make gas storage capacity available to Europe.

Last year, the European Union adopted a regulation requiring gas storage to be 80% full by November 1, 2022.

Nations adopted the regulation in June after Moscow shut off gas to Europe following Russia’s invasion of Ukraine.

Naftogaz also aims to increase domestic gas production despite difficulties caused by the war.

The European Commission also supports Ukraine’s goals to increase domestic gas production.